Today, the House passed two bills relating to the promotion of capital formation by smaller companies, H.R. 1525 and H.R. 1839.

First, the House considered H.R. 1525, the Disclosure Modernization and Simplification Act of 2015, which directs the SEC to issue regulations permitting issuers to submit a summary page on annual and transition report form, 10-K, if each item on that page cross-references electronically or otherwise the material contained in form 10-K to which the item relates. It also requires the SEC to revise regulation S-K and to study ways to modernize and simplify the requirements.

H.R. 1839, the Reforming Access for Investments in Startup Enterprises Act of 2015, proposes to amend the Securities Act of 1933 to exempt certain transactions involving purchases by accredited investors, and for other purposes, codifying Section 4(a)(1)(½).